SUMMARY

  • The gold price continues its correction. Yesterday it closed with a fall of 2.10%. Currently, gold is up 0.08% and stands at USD 2,330 per troy ounce.
  • USD/JPY continues its uptrend. Yesterday it closed +0.10%. It is currently still up +0.10% at 157.09.
  • The entire US oil and gas sector is backing Trump to become the next US president.

 

Main events:

  • UK retail sales.
  • German GDP
  • Canadian retail sales

GOLD

Specifications

  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2326.02
  • Support 2: 2321.19
  • Resistance 1: 2335.14
  • Resistance 2: 2339.43

Fundamental Analysis

  • The gold price continues its correction. Yesterday it closed with a fall of 2.10%. Currently, the metal is up +0.08% and stands at 2,330 USD per troy ounce.
  • The Eurozone manufacturing and services PMIs exceeded market expectations. However, it was the services sector that continued to grow.
  • UK PMI did not beat market expectations, but remains in the expansion zone, which is important, as is inflation, which is close to 2% y/y.
  • Jobless claims improved to 215,000 versus 220,000 expected.
  • The U.S. PMI index beat market expectations, leading to a rise in Wall Street index futures.
  • Gold prices are below their 200-day moving average and are trying to stay above the support of 2,319 USD.

USDJPY

Specifications

  • Leverage: 200
  • Units: 100,000
  • Margin requirement: USD$499
  • Example: 100 pips change in USDJPY price = USD1,000 potential PL.
  • Support 1: 157.03
  • Support 2: 156.99
  • Resistance 1: 157.12
  • Resistance 2: 157.19

Fundamental Analysis

  • The USD/JPY continues its uptrend. Yesterday it closed up +0.10%. It is currently up +0.10% at 157.09.
  • The currency has managed to reach the 157 level, and market bulls are looking to break above the 157.18 resistance, a key level to climb to 158.
  • Good macroeconomic data from the United States is contributing to the currency’s rise. The Bank of Japan continues to monitor the 160 level.
  • USDJPY is above the 200-day moving average, near the upper Bollinger band. The currency is still in a resistance zone. The moving averages and RSI indicate buying.
  • According to the market movement index in percentage terms, there is a 25% chance that the currency will continue to move higher, while there is a 75% chance that it will correct a few points.

WTI

Specifications

  • Leverage: 100
  • Units: 1,000
  • Margin requirement: USD$794
  • Example: movement of USD$1 = $1,000 potential PL.
  • Support 1: 76,85
  • Support 2: 76,74
  • Resistance 1: 77,03
  • Resistance 2: 77,10z

Fundamental Analysis

  • The entire U.S. oil and gas sector supports Trump to become the next President of the United States. The WTI price closed lower for the fourth consecutive day. This time, it fell by -0.90%. At the moment, the price is up +0.03% and stands at $76.89 per barrel.
  • Iberdrola wants to sell 50% of its energy portfolio in the United States, worth 1.8 billion dollars.
  • Tensions between China and Taiwan continue to rise. China has begun drilling in the Taiwan Sea.
  • The WTI price is just inside the lower Bollinger band, which could indicate a rebound towards the 200-day moving average line. The price is at support, which is likely to attract buyers’ attention to the market.
  • The moving averages and RSI indicate a massive sell-off.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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